Today Gold And Crude oil Update

CRUDE OIL

Oil prices extended gains in early trading in Asia on Wednesday after US prices were boosted by a stockpile draw, while a warning by OPEC producer Iraq that it may slow spending on new fields pushed up international crude contracts.

 US crude futures rose after industry group the American Petroleum Institute (API) reported a 3.1 million-barrel crude drawdown last week, versus analyst expectations for a build. 

A surge in American gasoline prices was also supportive. Outside the United States, international crude contracts rose on reports that Iraq has told foreign companies developing the country's southern oilfields that they may need to slash development spending next year because it has less money to pay them due to a slump in crude prices.

GOLD
Gold struggled to break out of a tight range near its one-month low on Wednesday, as investors waited to hear on the outlook of US interest rates from a Federal Reserve policy meet that kicks off later in the session. 

 * Spot gold eased 0.1 percent to USD 1,103.95 an ounce by 0037 GMT. The metal has not made any significant move this week, after dropping to a one-month low of USD 1,098.35 last week.

 * US gold GCcv1 was little changed at USD 1,103.30. 

* Traders are waiting to see if the US central bank will raise rates this week for the first time in nearly a decade.

 * The Fed will begin its much awaited two-day policy meeting on Wednesday, with a statement expected on Thursday. 

* The uncertainty over the timing of a rate hike has weighed on gold all year, sending it down over 6 percent. Higher rates could dent demand for non-interest-paying bullion, while boosting the dollar. 

* Data on Tuesday showed US consumer spending grew at a fairly healthy pace over the past two months, pointing to underlying strength in domestic demand that could strengthen the case for the Fed to hike interest rates on Thursday. 

* While other data showed continued weakness in manufacturing, economists said that was unlikely to have much impact on the US central bank's decision.

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Crude Oil Prices Down On US Oil Inventory

Oil prices fell as much as over 2 percent in early Asian trade on Wednesday, as a stronger than expected build in US crude oil stocks and weaker US manufacturing data fuelled a rout in prices that started in the previous session. 

Brent and US crude finished around 8 percent lower on Tuesday to end a 25-percent three-session surge, the largest three-day gain since 1990. 

That came after oil prices dropped to their lowest level in 6-1/2 years last week. 

This rollercoaster volatility could continue especially if there are similar wild swings in the equity markets, said Ric Spooner, chief market analyst at Sydney's CMC Markets.

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US Oil Jumps More Than 10% To USD 42.56 A Barrel

US oil prices surged more than 10 percent on Friday, climbing back above USD 40 a barrel after strong American economic growth data lifted confidence about the world's biggest economy and petroleum user.
US benchmark West Texas Intermediate for delivery in October jumped USD 3.96 to USD 42.56 a barrel, up 10.3 percent from yesterday's close. 

US prices have been at or near six-and-a-half year lows all week, with WTI closing below USD 40 on Monday for the first time since 2009 and staying there through yesterday. 

The rally came after the Commerce Department reported the US economy expanded at an annual rate of 3.7 percent in the second quarter, much above the initial appraisal of a 2.3 percent gain.

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MCX TIPS- MAIZE AGRI MARKET UPDATE 25- 08-2015

Maize settled up by 2.46% at 1377 tracking firmness in spot demand despite of weak trend in overseas prices. The October requirement of 1.5 million tonne too will need to be met with the stocks from 2014-15 crop. 

The availability from Uttar Pradesh is poor and prices are now at over Rs 12,600 per tonne and delivered to Haryana ranging between Rs 14,000-14,400 per tonne. 

There was increase of almost Rs 1,500 per tonne in 15 days. Delivered price of maize to south India, particularly Coimbatore region from Bihar is now at Rs 15,500 per tonne or more.

China's imports of corn and corn substitutes, including barley, sorghum and distillers' grain (DDGS) hit a record high in July as feed mills took advantage of cheap overseas prices to replace expensive domestic grain.

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MCX TIPS- JEERA MARKET UPDATE BY MARKET MAGNIFY

Jeera settled down by -1.95% at 15880 on account of higher supply from the producing regions in the midst of decline in the export demand. Jeera settled down by -1.95% at 15880 on account of higher supply from the producing regions in the midst of decline in the export demand. Further, sowing progress of jeera in non-irrigated fields due to monsoon rains in August too fuelled the downtrend. As per the Agriculture Ministry, around 2.14 lakh ha crop has been damaged in Rajasthan, while 9,000 ha was damaged in Gujarat. In Gujarat, the total acreage is down 42% to 2.64 lakh ha compared to 4.54 lakh ha in 13-14. Jeera lost ground to coriander, fennel and fenugreek seed on comparatively lesser profit realisation in jeera during the last 2 years.

The demand for Indian jeera export may be lower for next 2 months but there is possibility of good demand after that as Syria and Turkey jeera may come to world market in August- September.

 According to latest spice board press release, cumin export is stood at 155,500 tonnes for 2014-15 period and earned foreign exchange worth Rs 1,838.20 crore while in 2013-14, the figures stood at 121,500 tonnes valued at Rs 1,600 crore. As per fourth advance estimate of Gujarat State, production is expected at 1.58 lt in 2014-15, which is 54.3 % lower, compared to last years’ production of 3.46 lakh tonnes.
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MCX TIPS- TURMERIC MARKET UPDATE BY MARKETMAGNIFY

Turmeric settled down -3.25% at 7800 due to medium quality arrival in the spot market.

Though, good demand from North India capped some losses. However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much. However, excess rains during the vegetative and harvesting may adversely affect the production and quality.

As per Telengana Agricultural Department, till now around 36,000 ha area has been sown under turmeric vs 37,000 ha same time last year. Total 50,000 ha area is covered.

Turmeric trading range for the day is 7526-8266.

Turmeric prices ended with losses due to medium quality arrival in the spot market.

However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much.

NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 13502 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7559.6 rupees gained 25.6 rupees.

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